Saturday 17 October 2026
Export FCEL’s income statement to Excel — free account
FuelCell Energy, Inc.
FCEL Industrials Electrical Equipment & Parts
FuelCell Energy, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $158.2 million, up 41.0% from fiscal 2024. In the quarter to July 2026, revenue fell 29.4%, EPS grew 83.1%, free cash flow grew 45.8% and total debt rose 21.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
13.00
1.09
−7.74%
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| Oct '25 | Oct '24 | Oct '23 | Oct '22 | Oct '21 | Oct '20 | Oct '19 | Oct '18 | Oct '17 | Oct '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 0 | 3 | 3 | 4 | 4 | 1 | 4 | 3 | 2 |
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/S ratio |
1.46 | 1.50 | 3.71 | 9.16 | 45.80 | 6.73 | 0.22 | 0.79 | 1.14 | 0.92 |
Altman Z-Score |
(2.24) | (2.03) | (0.97) | 1.06 | 5.37 | (2.01) | (4.89) | (3.83) | (3.02) | (2.99) |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
(2.39) | (1.69) | (0.43) | 0.46 | 1.36 | (4.94) | (11.13) | (8.68) | (6.62) | (6.00) |
Beneish M-Score |
— | — | — | — | — | — | — | (3.93) | (0.94) | — |
P/Operating CF |
(10.08) | 28.80 | (28.91) | (49.64) | (323.44) | (39.06) | (1.08) | (5.39) | (7.79) | (1,185.90) |
P/B ratio |
0.34 | 0.25 | 0.65 | 1.73 | 4.96 | 2.45 | 0.17 | 0.85 | 1.08 | 0.87 |
Price to Tangible BV |
0.35 | 0.26 | 0.67 | 1.78 | 5.14 | 2.80 | 0.26 | 1.03 | 1.25 | 0.99 |
EV/Sales |
0.42 | 0.41 | 1.85 | 6.35 | 40.70 | 6.91 | 1.85 | 1.28 | 1.54 | 0.85 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
(0.53) | (0.30) | (1.63) | (7.39) | (40.21) | (13.31) | (3.68) | 7.01 | (2.05) | (1.97) |
EV/FCF |
(0.45) | (0.22) | (0.98) | (5.22) | (19.71) | (7.13) | (1.74) | (3.27) | (1.42) | (1.04) |
Quick Ratio |
5.13 | 4.30 | 5.75 | 5.58 | 8.85 | 3.00 | 0.38 | 1.13 | 1.25 | 2.27 |
Current Ratio |
6.63 | 6.01 | 7.23 | 6.76 | 10.30 | 3.97 | 1.34 | 2.17 | 2.08 | 3.89 |
Net Debt/EBITDA |
1.08 | 1.00 | 2.07 | 2.99 | 7.88 | (0.65) | (1.82) | (1.23) | (1.05) | 0.20 |
Debt/Assets |
14.06% | 15.55% | 13.57% | 10.22% | 10.14% | 32.86% | 33.61% | 26.21% | 23.98% | 25.20% |
Debt/Equity |
0.20 | 0.22 | 0.19 | 0.14 | 0.14 | 0.88 | 1.48 | 1.09 | 0.91 | 0.75 |
Asset Turnover |
0.17 | 0.12 | 0.13 | 0.14 | 0.10 | 0.17 | 0.18 | 0.25 | 0.26 | 0.35 |
Operating CF/Net income |
0.66 | 1.18 | 1.27 | 0.77 | 0.68 | 0.40 | 0.31 | (0.26) | 1.26 | 0.86 |
Capex/Depreciation |
(0.56) | (1.65) | (3.64) | (2.19) | (3.69) | (1.65) | (2.74) | (5.93) | (3.77) | (5.08) |
Interest Coverage |
(18.53) | (16.36) | (18.78) | (22.48) | (8.81) | (2.56) | (6.30) | (4.93) | (4.90) | (9.35) |
| (28.55%) | (18.89%) | (15.92%) | (21.88%) | (24.91%) | (68.40%) | (126.95%) | (67.78%) | (52.96%) | (51.79%) | |
| (20.37%) | (13.60%) | (11.69%) | (16.08%) | (14.91%) | (21.57%) | (29.75%) | (17.17%) | (15.76%) | (17.53%) | |
ROIC |
(23.68%) | (18.18%) | (18.05%) | (27.63%) | (14.10%) | (11.80%) | (23.92%) | (22.08%) | (20.15%) | (27.17%) |
Return on Tangible Assets |
(39.94%) | (25.78%) | (22.15%) | (26.41%) | (19.67%) | (43.72%) | (159.83%) | (52.51%) | (38.32%) | (28.98%) |
Average Days of Receivables |
122.33 | 158.20 | 59.47 | 44.49 | 124.07 | 90.66 | 65.94 | 94.02 | 261.43 | 82.92 |
Research and Development Expense of Revenue |
21.55% | 49.41% | 49.45% | 26.46% | 16.26% | 6.77% | 22.69% | 25.51% | 21.32% | 19.26% |
Selling, General and Administrative Expense of Revenue |
38.41% | 57.61% | 52.29% | 61.02% | 54.53% | 37.60% | 52.47% | 27.85% | 27.09% | 23.23% |
Intangible Assets out of Total Assets |
0.00 | 0.02 | 0.02 | 0.02 | 0.03 | 0.05 | 0.08 | 0.04 | 0.04 | 0.04 |
Share Based Compensation of Revenue |
7.01% | 10.49% | 9.69% | 5.21% | 6.17% | 2.64% | 4.62% | 3.62% | 4.79% | 3.16% |
Graham Net Nets |
0.82 | 1.00 | 0.48 | 0.28 | 0.10 | (0.20) | (13.13) | (1.82) | (0.72) | (0.24) |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
(87.60%) | (77.60%) | (24.80%) | (12.19%) | (3.36%) | (19.55%) | (2,682.52%) | (87.18%) | (54.87%) | (54.70%) |
Free Cash Flow Yield |
(64.16%) | (126.20%) | (50.84%) | (13.29%) | (4.51%) | (14.41%) | (487.63%) | (49.73%) | (95.17%) | (88.39%) |
Revenue per Share |
6.14 | 6.79 | 8.82 | 10.22 | 6.24 | 9.59 | 33.12 | 389.53 | 690.73 | 1,310.56 |
Operating CF per Share |
(4.87) | (9.26) | (10.02) | (8.78) | (6.32) | (4.98) | (16.67) | 71.09 | (518.74) | (564.10) |
Capex per Share |
(0.88) | (3.61) | (6.60) | (3.65) | (6.57) | (4.32) | (18.44) | (223.26) | (231.60) | (501.84) |
Free Cash Flow per Share |
(5.74) | (12.87) | (16.63) | (12.44) | (12.89) | (9.29) | (35.11) | (152.17) | (750.34) | (1,065.94) |
Cash per Share |
11.45 | 16.32 | 25.65 | 36.21 | 39.79 | 21.53 | 7.04 | 196.42 | 389.33 | 1,133.46 |
Shareholders Equity per Share |
26.08 | 40.45 | 50.06 | 54.14 | 57.63 | 26.32 | 41.29 | 357.99 | 731.09 | 1,384.94 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
26.08 | 40.45 | 50.06 | 54.14 | 57.63 | 26.32 | 41.29 | 357.99 | 731.09 | 1,384.94 |
Free Cash Flow |
(147.83) | (212.46) | (232.61) | (158.82) | (143.67) | (68.69) | (64.40) | (34.94) | (103.92) | (88.05) |
Working Capital |
381.97 | 370.55 | 410.41 | 494.48 | 490.62 | 175.08 | 21.59 | 70.18 | 105.43 | 150.21 |
Capital Expenditures |
(22.54) | (59.55) | (92.36) | (46.65) | (73.23) | (31.91) | (33.83) | (51.26) | (32.08) | (41.45) |
Net Current Asset Value |
188.95 | 167.94 | 221.24 | 332.06 | 310.58 | (95.01) | (173.39) | (127.92) | (79.02) | (24.13) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.14 | 0.53 | 0.75 | 0.36 | 1.05 | 0.45 | 0.56 | 0.57 | 0.34 | 0.38 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.42 | 0.28 | 0.28 | 0.37 | 0.50 | 0.53 | 0.30 | 0.18 | 0.20 | 0.22 |
Cash ROIC |
(13.48%) | (19.60%) | (19.56%) | (12.71%) | (12.23%) | (13.07%) | (32.09%) | (16.14%) | (42.04%) | (29.96%) |
Accounts Receivable Turnover |
3.11 | 3.26 | 6.85 | 6.60 | 3.37 | 4.96 | 3.57 | 1.95 | 2.05 | 2.54 |
Accounts Payable Turnover |
9.32 | 6.03 | 4.90 | 6.74 | 5.91 | 5.93 | 4.15 | 2.65 | 3.04 | 6.35 |
Inventory Turnover |
1.85 | 1.49 | 1.53 | 2.03 | 1.44 | 1.49 | 1.52 | 1.35 | 1.25 | 1.56 |
Average Days of Payables |
33.64 | 55.68 | 72.27 | 64.30 | 82.52 | 44.47 | 75.40 | 95.51 | 167.38 | 62.09 |
Days of Inventory on Hand |
170.46 | 280.32 | 230.17 | 207.31 | 287.27 | 236.71 | 242.60 | 226.48 | 292.59 | 248.04 |
Average Receivables |
50.80 | 34.35 | 18.00 | 19.78 | 20.63 | 14.29 | 17.01 | 45.78 | 46.56 | 42.69 |
Average Payables |
19.80 | 24.55 | 27.36 | 23.73 | 14.42 | 13.26 | 19.77 | 32.61 | 30.55 | 17.11 |
Average Inventory |
99.95 | 99.08 | 87.68 | 78.99 | 59.02 | 52.74 | 54.05 | 64.04 | 74.15 | 69.78 |
Average Assets |
938.14 | 949.82 | 947.62 | 907.48 | 699.39 | 428.49 | 336.93 | 362.10 | 362.26 | 308.98 |
Average Common Equity |
669.45 | 684.03 | 695.97 | 666.97 | 418.49 | 135.14 | 78.97 | 91.73 | 107.83 | 104.58 |
Columns are period end dates